Etsy (NASDAQ:ETSY) Price Target Raised to $47.00 at Wells Fargo & Company

Etsy (NASDAQ:ETSY) had its price target boosted by Wells Fargo & Company from $44.00 to $47.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an underweight rating on the specialty retailer’s stock.

ETSY has been the topic of a number of other reports. Bank of America reduced their target price on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Barclays reduced their target price on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Stifel Nicolaus reduced their target price on shares of Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Deutsche Bank Aktiengesellschaft lowered shares of Etsy to a “hold” rating and reduced their target price for the stock from $45.00 to $43.00 in a research report on Wednesday, February 12th. Finally, Raymond James reduced their target price on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $60.08.

Etsy Price Performance

Etsy stock opened at $51.40 on Thursday. Etsy has a 1-year low of $47.10 and a 1-year high of $78.65. The firm has a market capitalization of $5.78 billion, a P/E ratio of 26.22, a price-to-earnings-growth ratio of 2.83 and a beta of 2.00. The company’s 50-day moving average is $54.58 and its 200 day moving average is $53.81.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.08. The company had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 EPS. Research analysts anticipate that Etsy will post 2.25 earnings per share for the current fiscal year.

Etsy announced that its Board of Directors has authorized a stock buyback plan on Wednesday, October 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Etsy

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the completion of the sale, the insider now directly owns 22,198 shares in the company, valued at $1,228,437.32. This trade represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Etsy

Several institutional investors and hedge funds have recently made changes to their positions in ETSY. Pacer Advisors Inc. lifted its stake in shares of Etsy by 183.9% during the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after buying an additional 3,861,668 shares during the period. Norges Bank acquired a new stake in shares of Etsy during the fourth quarter worth $74,235,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Etsy during the third quarter worth $55,530,000. Holocene Advisors LP acquired a new stake in shares of Etsy during the third quarter worth $49,061,000. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Etsy by 132.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock worth $78,827,000 after buying an additional 850,520 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Company Profile

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.